Visa has invested in Mynt, a Swedish spend management platform, as part of a strategic move to bolster financial tools for small and medium-sized enterprises (SMEs) across Europe. This investment coincides with an expanded reseller agreement between the two companies, aiming to deliver comprehensive spend management solutions to a broader market.
Founded in Stockholm in 2018, Mynt has rapidly established itself as a key player in the Nordic fintech landscape. The company offers corporate cards seamlessly integrated with accounting systems, catering primarily to SMEs. Since partnering with Visa in 2023, Mynt has experienced significant growth, expanding its customer base from 3,000 to 12,000 SMEs over the past year and achieving month-over-month profitability since September.
The recent investment from Visa is part of Mynt’s €22 million Series B funding round, which was initially announced in December and valued the company at €175 million. This brings Mynt’s total funding to over €50 million. The capital infusion is set to fuel Mynt’s expansion into the UK and other European markets, as well as broaden its product offerings to meet the evolving needs of SMEs.
In addition to the financial investment, the partnership entails a reciprocal reseller arrangement. Mynt will become a reseller partner for Visa, while Visa plans to offer Mynt’s Software-as-a-Service (SaaS) product directly to issuers. This collaboration leverages Visa’s extensive network and Mynt’s innovative platform to provide SMEs with enhanced spend management tools.
Visa’s involvement underscores its commitment to supporting fintech innovation and addressing the growing demand for efficient financial management solutions among SMEs. By deepening its collaboration with Mynt, Visa aims to empower businesses with tools that streamline expense management and integrate seamlessly with existing financial systems.
As Mynt prepares for its next growth phase, the partnership with Visa positions the company to capitalize on the increasing need for sophisticated spend management solutions in the SME sector. This strategic alliance reflects a shared vision of enhancing financial services through innovation and collaboration, ultimately benefiting small and medium-sized businesses across Europe.
